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Sep 30, 2025
Brandywine Q3 2025 Earnings Report
Brandywine Realty Trust reported solid Q3 2025 results with steady occupancy levels, strong leasing activity, and a reaffirmed full-year guidance.
Key Takeaways
Brandywine Realty Trust reported Q3 2025 revenue of $120.8 million and net income of $8.1 million ($0.05 per diluted share). Funds From Operations (FFO) was $46.1 million, or $0.26 per share. The company maintained stable occupancy and leasing levels across its core portfolio, achieved positive cash rent mark-to-market, and reaffirmed its full-year FFO guidance.
Total revenue reached $120.8 million, up slightly from $118.5 million in Q3 2024.
Net income was $8.1 million, or $0.05 per share, compared to $7.8 million last year.
FFO was $46.1 million, or $0.26 per share, matching prior-year performance.
Core portfolio occupancy remained strong at 88.3%, with leasing momentum improving quarter-over-quarter.
Revenue by Segment
Forward Guidance
Brandywine reaffirmed its full-year 2025 guidance for FFO per diluted share between $0.95 and $1.03, expecting stable occupancy and moderate rent growth through year-end.
Positive Outlook
- Reaffirmed full-year 2025 FFO guidance of $0.95–$1.03 per share.
- Maintained strong liquidity position with $68 million in cash and $262 million available under credit facility.
- Positive rent mark-to-market trends expected to continue into Q4 2025.
- Steady leasing activity in Philadelphia and Austin markets.
- Dividend payout remains well-covered with low leverage profile.
Challenges Ahead
- Leasing spreads may moderate amid elevated market competition.
- Higher interest expense expected to offset some NOI growth.
- Slower leasing velocity in select Washington, D.C. submarkets.
- Potential disposition timing delays could shift some 2025 gains to 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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